USD / JPY Technical Forex Analysis for Forex Traders

The Dollar-Yen stopped exactly at the first resistance in yesterday's report (highest price after the issuance of yesterday's report is 90.97), and it did not break the support at 90.07, which means that yesterday's movement did not have any technical impact, and did not break the important support nor the important resistance.

The most important support is the retest level of the broken trendline, and Fibonacci 50% for the short-term at 90.07, and if broken the direction would be down to test the important support 88.68, which must hold to prevent another attempt to test 87.97 which survived 2 weeks ago an attempt for a break. As for the resistance, the most important one is 90.73, the top of the falling channel on the intraday charts, and the key to the most important stop in these areas is 91.63, which is expected to be an important test. Breaking it means that this rise will continue in the next few days, to areas above 92, where 92.52-92.58 is the first target for this break. While failure here would indicate that this is but a short-term rise.

Support:

• 90.07: Fibonacci 50% short-term and the retest level for the broken trendline.

• 89.64: the bottom of the rising channel on the intraday charts.

• 88.68: support area that supported the price twice this month.

Resistance:

• 90.73: the falling trendline from Friday's top on intraday charts.

• 91.63: previous support & resistance area, the most important resistance for the short-term.

• 91.93: Sep 2nd low.

Forex trading analysis by forexpros. com - Written by Munther T. Marji




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